CFPB Monitor News Guidance Perspectives of CFPB | Ballard Spahr Law Firm Blog

Category Archives: Privacy

Subscribe to Privacy RSS Feed

CFPB to Participate in FTC Workshop on Consumer Disclosures

Posted in CFPB General, Financial Literacy, FTC, Privacy, Research, UDAAP

On September 15th, the FTC will hold a workshop to examine the testing and evaluation of disclosures that companies make to consumers about advertising claims, privacy practices, and other information.  The FTC’s workshop will explore how to test the effectiveness of these disclosures to ensure consumers notice them, understand them, and can use them in… More >

CFPB Proposes Amendments to GLBA Rules to Permit Exemption from Annual Notice Requirement

Posted in CFPB Rulemaking, Privacy

On July 1st, the CFPB proposed to amend Regulation P under the Gramm-Leach-Bliley Act (GLBA) to implement the statutory changes made by the Fixing America’s Surface Transportation Act (see prior post) that provided financial institutions that meet certain conditions with an exemption from the GLBA requirement to deliver annual privacy notices to customers.  The proposed… More >

President signs bill creating exception to GLBA annual privacy notice requirement

Posted in Privacy

An amendment creating an exception to the annual privacy notice delivery requirement for financial institutions has been signed into law by President Obama as part of the “Fixing America’s Surface Transportation Act” (FAST Act). Section 75001 of the FAST Act, signed into law on December 4, 2015, amends Section 503 of the Gramm-Leach-Bliley Act (GLBA)… More >

CFPB sues company and owner for alleged student financial aid scam

Posted in CFPB Enforcement, Privacy, UDAAP

A new lawsuit filed by the CFPB in a California federal district court alleges that the defendants, a company and its individual owner, are engaged in a nationwide student financial aid scam.  In addition to injunctive relief, the complaint seeks redress for harmed consumers and civil money penalties. According to the CFPB’s complaint, the defendants contacted… More >

FTC follows in CFPB footsteps with GLBA privacy notices

Posted in Privacy

The FTC recently proposed amendments to its Gramm-Leach-Bliley Act (GLBA) rules requiring motor vehicle dealers to send their customers an annual privacy notice.  The amendments would allow motor vehicle dealers to notify their customers that a privacy policy is available on their website, subject to certain conditions.  Comments on the proposal are due on or… More >

Democrats release alternative regulatory relief bill

Posted in Mortgages, Privacy

Democrats on the Senate Banking Committee have released a regulatory relief bill intended to be an alternative to the bill released by Senator Richard Shelby.  While Senator Shelby’s bill is entitled the “Financial Regulatory Improvement Act of 2015,” the alternative bill is entitled the “Community Financial Institution Regulatory Relief and Consumer Protection Act of 2015.” The… More >

Shelby regulatory relief bill would create GLBA annual privacy notice exception

Posted in Privacy

In addition to the numerous mortgage-related provisions in Senator Shelby’s regulatory reform bill entitled the “Financial Regulatory Improvement Act of 2015,” the bill contains a provision directed at the annual financial privacy notice required by the Gramm-Leach-Bliley Act (GLBA), which is implemented by Regulation P.  In October 2014, a CFPB amendment to Regulation P became effective that… More >

House passes regulatory reform bills

Posted in CFPB General, Mortgages, Privacy

Earlier this week, the House of Representatives, in bipartisan votes, passed the following regulatory reform bills: The “Eliminate Privacy Notice Confusion Act, H.R. 601, would create an exemption from the Gramm-Leach-Bliley Act’s annual notice requirement for institutions that have not changed their privacy policies since their most recent annual notice and only share personal information… More >

CFPB issues final rule allowing alternative online delivery method for annual privacy notices

Posted in CFPB Rulemaking, Privacy

Nearly three years after identifying the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirement as a candidate for streamlining, the CFPB issued a final rule earlier this week to allow financial institutions that meet certain requirements to deliver such notices using an alternative online delivery method.  The rule will be effective immediately upon its publication in… More >

CFPB extends comment period on privacy notice proposal

Posted in Privacy

The CFPB is extending the comment period on its proposed rule that would amend Regulation P to allow financial institutions that satisfy certain conditions to deliver annual privacy notices to their customers using an alternative online delivery method.  In a notice to be published in tomorrow’s Federal Register, the CFPB states that it is extending the… More >

CFPB proposes new rule on GLBA annual privacy notice

Posted in Privacy

The CFPB has published a proposed rule that would amend Regulation P to allow financial institutions that satisfy certain conditions to deliver annual privacy notices to their customers using an alternative online delivery method.  Under the Gramm-Leach-Bliley Act, financial institutions must provide initial and annual privacy notices that inform customers about the sharing of their… More >